FDIC insurance

FDIC insurance is deposit protection provided by the Federal Deposit Insurance Corporation, an independent agency of the United States government. It covers money held at banks that are FDIC members. If an insured bank fails, the FDIC repays covered depositors up to the legal limit rather than leaving them to absorb the loss.

The coverage applies per depositor, per insured bank, and per ownership category, up to a set legal maximum. Ownership categories include single accounts, joint accounts, and certain retirement and trust accounts, so one person can be covered separately across categories at the same bank.

FDIC insurance covers deposit products such as checking accounts, savings accounts, money market deposit accounts, and certificates of deposit. It does not cover investments like stocks, bonds, mutual funds, or crypto assets, even when bought through a bank.